Hw economic problem

is it possible to have no scarcity?

I think it's impossible to have no scarcity. Because everyone one want's something entire world want's something and needs something. We make choices how can we live without choices. For example your going to a holiday trip, you need to choose the best one which suits you. The best one which your pocket can afford. But if you don't choose and just go to a holiday trip without doing any researches, your trip would end up as a failure. Also assume you have two choices choices. First one is a 5 star hotel for 1 week and the second is 4 star hotel for 2 weeks. If you choose the first one you will have more delectation. This is called opportunity cost you will choose the best choice which satisfies you. There are expensive things, for example drugs. You can buy an expensive drug and a cheaper drug. Expensive drugs are expensive because they are made of expensive resources which are really scarce. Wants needs and choices are everywhere.

This picture shows the distribution of scarce resources.


And this is the Small map which explains Problem of scarcity.

And drew this diagram to show what happens when resources are scarce. As you can see supply decreases and causes the demand to contract. And prices go up. For example oil it's price is always high.


Is it likely that some wants will never be satisfied?

Yes. For example governments wants to spend lot's of money on health care but they can't, they need to spend money on road constructions too.